UniCredit/Kepler Cheuvreux German Corporate Conference

UniCredit/Kepler Cheuvreux German Corporate Conference Frankfurt, 21-23 January 2019 Thomas Kölbl (CFO) Südzucker Group, page 1

Agenda 1. Overview and strategy page 3 2. Current highlights page 14 3. Capital Market and Financing page 16 4. Development of Segments Sugar page 23 Special Products page 34 CropEnergies page 44 Fruit page 53 5. Financial Highlights Q3 2018/19 page 59 6. Outlook 2018/19 page 71 7. Appendix Long-term development and key figures page 77 Additional information page 84 Südzucker Group, page 2

Südzucker Group at a glance Global operating German food group with long-standing corporate history and diversified business model: 1837: Foundation of first sugar company 1926: Foundation of Süddeutsche Zucker-AG ~ 100 production facilities* ~ 18.500 employees, worldwide* Majority shareholder / Key shareholders: Süddeutsche Zuckerrübenverwertungs- Genossenschaft eg: 57 % Zucker Invest GmbH: 10 % Stock exchange listing in Germany SDAX-member Trading volume*: ~ 1.2 mn shares/day Sustainable investment grade rating Group Revenues 7.0 bn * Sugar (43%) CropEnergies (11%) Special Products (29%) Fruit (17%) * Financial year 2017/18 Südzucker Group, page 3

Südzucker Group: Key ratios 2017/18 Revenues EBITDA Operating Result 7.0 bn prev. year: 6.5 bn 757 mn prev. year: 709 mn 445 mn prev. year: 426 mn Net Financial Debt/Cash flow 1.22x prev. year: 0.65x Cash flow 693 mn prev. year: 634 mn Cash flow/revenues 9.9 % prev. year: 9.8 % Südzucker Group, page 4

Strong market positions in all business areas Sugar # 1 in Europe Specialty starches and Isoglucose One of the leading producers in Europe Fruit preparations # 1 worldwide Portion packs # 1 in Europe Fruit juice concentrates # 1 in Europe Südzucker Group, page 5 Bioethanol # 1 in Europe Functional Food # 1 globally for functional Chicoree-/ Riceproducts, Isomalt/ Palatinose Frozen pizza # 1 in Europe and USA (private label)

Diversified and strong cash flow base* operating result share in % Net Financial Debt 31 % 17 % 16 % Depreciaton 313 EBITDA Cash flow 36 % 139 757 693 843 Crop- Energies 158 Sugar Fruit 76 72 Special Products operating result segments * Financial year 2017/18 in mn Südzucker Group, page 6

Return on Capital Employed (RoCE) 6,650 5,707 5,950 5,873 5,877 5,791 6,012 5,980 Capital Employed (mn ) Group RoCE (%) 13.2 % 16.3 % 10.6 % 3.1 % 4.2 % 7.1 % 6.7 % 8.7 % 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Ø 7 years Sugar 17.1 % 22.4 % 13.7 % 0.2 % -2.6 % 2.3 % 4.2 % ~8.2 % RoCE Special Prod 10.7 % 9.5 % 6.3 % 8.7 % 11.9 % 12.2 % 7.7 % ~9.6 % CropEnergie 10.2 % 17.3 % 6.4 % -2.2 % 17.7 % 20.4 % 15.9 % ~12.2 % Fruit 4.7 % 5.0 % 8.1 % 8.4 % 7.5 % 8.3 % 9.0 % ~7.3 % Südzucker Group, page 7

Group strategy take benefit of megatrends advance diversification synergy usage strengthen market position support and stipulate employees focus on core competences increase shareholder value continue solid financing strategy / target valueoriented investments act sustainable Südzucker Group, page 8

Synergy example: Zeitz site- five composite factories Starch factory CO 2 - Liquefaction Sugar factory Neutral alcohol factory Bioethanol factory Südzucker Group, page 9

Portfolio benefits from long-term megatrends mn t USD 8,000 6,000 population growth worldwide 218,000 178,000 138,000 12,000 8,000 per capita income worldwide 4,000 2,000 sugar consumption worldwide 98,000 58,000 18,000 4,000,0 emerging markets Sources: United Nations, F.O. Licht, ERS International Macroeconomic Data Set Source: ERS International Macroeconomic Data Set mn barrel / day USD / barrel mn t 100 80 60 40 20 0 oil consumption crude oil price 120 100 80 60 40 20 0 1,000,800,600,400,200 global animal feed production Source: BP, EIA Source: USDA Südzucker Group, page 10

with volatile and cyclical market conditions and 700 600 500 White sugar ( /t) 350 300 250 Wheat / Maize ( /t) 800 750 700 650 Ethanol ( / m³) 400 300 200 200 150 100 600 550 500 450 100 50 400 1,70 EUR/USD Brent (USD/barrel) 6,0 3M-Euribor (%) 1,60 150 5,0 1,50 4,0 1,40 100 3,0 1,30 2,0 1,20 50 1,0 1,10 1,00 0 0,0-1,0 Südzucker Group, page 11

environment influenced by political decisions Global trade WTO NAFTA CETA TTIP Brasil Change of government Biorenova program Currency development EU Coupled payment Prohibition of Neonicotinoids RED II Südzucker Group, page 12

Current highlights Sugar Special Prod. Global sugar balance for sugar marekting year 2018/19: significant swing from supply surplus to deficit EU sugar market 2018/19 balanced due to impact of drought Intensified examination and re-assessment of strategy in sugar segment Strong increase in ethanol price Acquisition of Custom Pack (PortionPackEurope), Telford, UK CropEnergies Fruit Others Strong increase in ethanol price Temporary production pause Ensus Forecast adjustment Forecast adjustment Rating downgrade by Moody s and S&P Quarterly statement Q3/9M: 11 January 2019 Südzucker Group, page 14

Three strong anchors in the capital market Südzucker AG Zucker Invest GmbH (10%) Freefloat (33%) Market Cap 2.6 bn SZVG* (57%) AGRANA Beteiligungs-AG CropEnergies AG Südzucker indirect via Z&S** (39%) Südzucker direct (3%) Südzucker (69%) Market Cap 1.1 bn Freefloat (19%) Market Cap 0.3 bn Z&S** (78%) SZVG* (6%) Freefloat (25%) Südzucker Group, page 16 * Süddeutsche Zuckerrübenverwertungs-Genossenschaft eg ** Z&S Zucker und Stärke Holding AG (~50% Südzucker, ~50% ZBG (Zucker-Beteiligungsgesellschaft m.b.h.))

Investment Grade Rating Rating agency Long-term rating Short-term rating BBB - * Stable Outlook ** A 3 * Baa3 *** Negative Outlook **** P 3 *** * since 18 January 2019 ** since 18 January 2019 *** since 12 December 2018 **** since 5 April 2018 Südzucker Group, page 17

Unchanged high liquidity (mn ) 28.02.2015 29.02.2016 28.02.2017 28.02.2018 Net financial debt -593-555 -413-843 Cash & Cash equivalents / securities 681 604 725 730 Gross financial debt -1.274-1.158-1.138-1.573 Long-term financial debt -774-731 -914-1.117 Short-term financial debt -500-427 -224-456 Bank credit lines: 807 798 786 814 undrawn 364 433 464 470 Syndicated loan facility 600 600 600 600 undrawn 600 600 600 600 Syndicated loan facility Agrana 450 450 450 450 undrawn 371 339 450 450 Commercial paper program 600 600 600 600 undrawn 400 475 600 600 = Total liquidity reserves 2.417 2.451 2.839 2.850 Südzucker Group, page 18

Maturity profile of main financial liabilities (mn as of 30 November 2018) 80 500 300 100 2019 2020 2021 2022 2023 2024 2025 Bullet loans EUR-Bond 1.25 % EUR-Bond 1.00 % Syndicated loans 1,050 mn * Commercial Paper Programm 600 mn (permanent) Hybrid Bond 700 mn (perpetual) 5.25 % p.a. before June 2015; payout annually / since June 2015: 3M-Euribor + 310 bp; payout quarterly * Maturity: 2019/150 mn, 2020/600 mn, 2021/300 mn Südzucker Group, page 19

Financial key figures 1632 Net Financial Debt Cash flow 1065 996 mn 504 553 854 606 791 823 464 536 697 593 389 555 480 413 634 843 693 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 NFD/CF Equity Ratio 3.2x 42 % 1.9x 1.4x 1.0x 0.5x 0.8x 1.5x 1.2x 0.7x 1.2x 47 % 51 % 48 % 54 % 53 % 53 % 55 % 56 % 54 % Südzucker Group, page 20

Strong balance sheet ratios mn 29.02.2016 28.02.2017 28.02.2018 Net Financial Debt 555 413 843 Gearing (NFD : Equity) 12,4% 8,4% 16,8% Cash flow 480 634 693 NFD / Cash flow 1,2x 0,7x 1,2x Total assets 8.133 8.736 9.334 Shareholders' equity 4.473 4.888 5.024 Equity ratio 55,0% 56,0% 53,8% Capital Employed 5.791 6.012 6.650 RoCE 4,2% 7,1% 6,7% Südzucker Group, page 21

Sugar segment (mn ) 2017/18 2016/17 Revenues 3.017 2.776 241 9 % EBITDA 278 201 77 38 % EBITDA-Margin 9,2% 7,3% Depreciation -139-129 -10 8 % Operating Result 139 72 67 90 % Operating Margin 4,6% 2,6% Restructuring and special items 24-12 36 - Result from companies consolidated at equity -28 7-35 - Result from operations 135 67 68 > 100 Investments 173 271-98 -37 % Fixed Assets 171 153 18 11 % Financial Assets / Acquisitions 2 118-116 -98 % Capital Employed 3.299 3.169 130 4 % RoCE 4,2% 2,3% Δ Südzucker Group, page 23

Sugar balance world* 193,3 181,5 180,7 185,0 186,3 174,1 179,5 176,1 178,7 180,0 180,5 183,7 79,0 80,5 75,7 71,2 74,0 68,2 2017/18e: inventory increase Production: EU +3.6 mn t following end of quota system India +12.9 mn t following draught in prev. year Thailand +4.7 mn t Brasil -10.1 mn t via higher ethanol share and lower cane yields 2013/14 2014/15 2015/16 2016/17 2017/18e 2018/19e 44,9%** 45,1%** 39,6%** 37,8%** 41,2%** 39,7%** Production Consumption Ending Stock ** Stocks to use ratio 2018/19e: significant production decrease and lower inventory expected Production: EU: Thailand: India: Brasil: * F.O. Licht estimates, December 2018 Südzucker Group, page 24

Sugar balance EU* (in mn t) Supply and demand Resulting change in stocks 25 20 15 10 5 4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 2014/15 2015/16 2016/17 2017/18 2018/19e 0 2014/15 2015/16 2016/17 2017/18 2018/19e Prod. EU (from beet) Prod. EU (from maize) Consumption Import Export Endings stocks * EU-Commission Südzucker Group, page 25

Sugar price development: Supply and demand as main drivers /t 800 700 600 500 400 300 200 100 0-100 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 World market price* EU price ex works Δ EU vs. World market price * World market price ex works: without transportation and other costs Südzucker Group, page 26

EU sugar market: Market structure from October 2017* (I) Demand EU ~ 19 mn t Supply EU ~ 23 mn t Global demand ~ 184 mn t Retail Bakery Beverages EU beet sugar Local marketing Industrial Chocolate and confectionery EU HFCS/Isoglucose Dairy and fruit products Non-Food Imports White sugar EU Refining Imports** Global marketing * Schematic display: beyond October 2017 (incl. Great Britain) ** only from LDC, ACP, CXL, Andean, Balkans, Central America and from other preferential agreements Südzucker Group, page 27

Segment Sugar: Production and Distribution* European market leader (Market share ~ 25 %) Increase in production utilization to >120 days: Significant production and distribution increase Efficient Pan-European distribution and logistic structure Sustainable production in most productive European beet areas Cost savings throughout the whole value chain Secure and enforce competitiveness and market position Usage of growth opportunities outside of Europe Exports outside of EU Partnership with ED&F MAN (~ 35 % participation) Acquisitions * Display from October 2017 and incl. UK Südzucker Group, page 28

Segment Sugar: Production and Distribution* Great Britain Ireland Netherlands Belgium Germany Poland Czech Republic Slovakia Moldova France Autstria Hungary Romania Portugal Spain Italy Bosnia/ Herzegovina Bulgaria Distribution activities Beet sugar factories Sugar refineries Greece Israel * Display from October 2017 and incl. UK Südzucker Group, page 29

Participation in ED&F Man offers a global footprint Participation ~ 35 % Long standing successful history (founded 1783) Truely global footprint (~ 7,000 employees in more than 60 countries) Beneficiary of long-term growth in global sugar demand Approx. 10 mn t global sugar trading volume; one of the largest sugar trader with significant presence in Central and South America, Far East, South East Asia and Africa Sugar only Liquid Products only Coffee only Multiple businesses Global agribusiness with leadership positions in the merchanting of sugar, coffee, molasses, animal feed and special crops Supply chain manager, providing sourcing, processing, logistics, shipping and marketing of agricultural products, including transportation and delivery of products to industrial and commercial clients Südzucker Group, page 30

Strategy Segment Sugar Defend and extend EU market position Cost savings across the whole value chain Further centralization of administration Maximum utilization of factory capacity Sugar Extend production and distribution volumes Usage of ED&F Man participation potential Advance internationalization/ open up new markets Südzucker Group, page 31

Sugar segment: Outlook 2018/19 Revenues Operating Result Stable sales volume Price decrease to historical low level Significant decrease in revenues (prev. year: 3,017 mn ) Increase in volatility following end of quota and mimimum beet price system in EU sugar market since 1 October 2017 Stable sales volume Very low price level cannot be compensated through decrease in production costs and higher sales volumes Operating result expected in range -150 to -250 mn (prev. year: 139 mn ) Südzucker Group, page 32

Agenda 1. Overview and strategy page 3 2. Current highlights page 14 3. Capital Market and Financing page 16 4. Development of Segments Sugar page 23 Special Products page 34 CropEnergies page 44 Fruit page 53 5. Financial Highlights Q2 2018/19 page 59 6. Outlook 2018/19 page 71 7. Appendix Long-term development and key figures page 77 Additional information page 84 Südzucker Group, page 33

Special Products segment (mn ) 2017/18 2016/17 Revenues 1.997 1.819 178 10 % EBITDA 255 263-8 -3 % EBITDA-Margin 12,8% 14,4% Depreciation -97-79 -18 24 % Operating Result 158 184-26 -14 % Operating Margin 7,9% 10,1% Restructuring and special items -3-4 1-9 % Result from companies consolidated at equity 30 28 2 9 % Result from operations 185 208-23 -11 % Investments 551 126 425 > 100 Fixed Assets 121 126-5 -4 % Financial Assets / Acquisitions 430 0 430 - Capital Employed 2.055 1.499 556 37 % RoCE 7,7% 12,2% Δ Südzucker Group, page 34

Segment Special Products: Overview Leading market positions in all four divisions Sustainably high cash flow quality High depreciation level in light of internal/external growth Very sound fundamental development Growth based on global megatrends: unchanged trend to alternative and functional food ingredients further increase in demand for convenience products unbroken global demand growth for animal feed (e.g. Gluten) Continuous capacity adjustment follows market growth Starch* 38 % 85 Revenue split 2017/18 PortionPack 6 % 1,997 mn Operating Result (mn ) 120 171 Freiberger 32 % BENEO (Functional Food) 24 % 184 158 * incorporates AGRANA bioethanol and starch activities 2013/14 2014/15 2015/16 2016/17 2017/18 Südzucker Group, page 35

Segment Special Products: Division BENEO BENEO bundles functional food activities 5 production sites globally and international distribution network Main product categories: Prebiotic fibres from chicory roots: Core products Inulin and Oligofructose Functional carbohydrates from sugar beet: Core products Isomalt (sole sugar replacer made out of sugar) and Palatinose (functional sugar with prolonged energy allocation) Südzucker Group, page 36 Functional ingredients from rice: e.g. rice starches, rice flours and rice proteins Distribution of functional wheat protein (Gluten), produced in Südzucker Group World market leader for functional chicory- and rice products as well as for Isomalt/Palatinose Ongoing global increase in demand for functional food ingredients Increasing awareness for healthy nutrition and growing per-capita income (emerging markets) Offstein Sales Offices Regional Centers Production facility

Segment Special Products: Division Starch* 6 production sites and distribution within EU Main product categories: Zeitz (DE) Starch products: Specialty starches for paper, textile-, cosmetics-, pharmaceutical and construction industries; focus on organic and GMfree starches for food industries Bioethanol production: Bioethanol production from grain and production of by-products (food and animal feed) Aschach (A) Gmünd (A) Pischelsdorf (A) Szabadegyhaza (HU) Tandarei (RO) Leading market position in main product categories Production starch Production bioethanol Ongoing growth for speciality starches Worldwide strongly growing demand for animal feed Mandatory ethanol blending within EU High investment volume (~ 400 mn ) in current cycle: New starch factory Pischelsdorf (2013) New starch factory Zeitz (2016) Extension starch factory Aschach (2017) Extension starch factory Pischelsdorf (2020) Zeitz * incorporates AGRANA bioethanol and starch activities Südzucker Group, page 37

Segment Special Products: Division Freiberger (I) Market entry USA USA largest frozen pizza market (5.2 bn USD) worldwide with further growth potential Private label market share EU >50 % Private label market share USA ~16 % Acquisition of Richelieu Foods: Market leader in USA private label pizza segment ( B2B ) Main product categories: frozen and chilled pizza and pourables Revenues: ~ 300 mn (2017) 5 production sites across the USA; distribution across the USA ~ 900 employees Südzucker Group, page 38 Wheeling, Illinois

Segment Special Products: Division Freiberger (II) - incl. acquisition Richelieu Foods 11 production sites in EU (6) and in USA (5); distribution in EU and USA Main product categories: Deep frozen and chilled pizza Pasta dishes Snacks & baguettes Pourables Mostly private label business for food retailing ( B2B ) Market leader private label pizza market in Europe and USA Employees: ~ 3,500 Pizzas per day: ~ 3.5 mn Revenues: ~ 1 bn # 1 Europe # 1 USA Strong platform for further growth Production facility Public Warehouses Pizza Public Warehouses Pourables Südzucker Group, page 39

Segment Special Products: Division PortionPack Europe 6 production sites in EU; distribution in EU Main product categories: Coffee supplies (sugar, milk ) Biscuits Chocolates Breakfast Seasoning Sweets & Snacks Fruit purees Other unit packed products (e.g. for hotels, etc.) European market leader for portion packs for food industry Unchanged trend for unit packed products and out-of-home consumption September 2018, Acquisition CustomPack, Telford/Great Britain Telford Oud-Beijerland (NL) Landgraaf (NL) Herentals (B) Nuremberg La Llagosta Production facility Trading companies Prague Vienna Südzucker Group, page 40 Oud Beijerland (NL)

Strategy Segment Special Products BENEO Usage of global platform, open up new markets; product innovations PortionPack Europe Extension of EU No. 1 position; expansion of product portfolio Special Products Starch Extension of successful niche strategy; increase market share via continuous capacity increase Freiberger Further internal and external growth; e.g. Richelieu Foods Südzucker Group, page 41

Special Products segment: Outlook 2018/19 Revenues Full-year consolidation of Richelieu Foods and further increase in sales volumes Significant increase in revenues expected (prev. year: 1,997 mn ) Operating Result Full-year consolidation of Richelieu Foods Very difficult market environment for sweeteners (starches) as well as highly volatile ethanol sales revenues All other product areas to develop positive and as planned Operating result on previous year s level expected (prev. year: 158 mn ) Südzucker Group, page 42

Agenda 1. Overview and strategy page 3 2. Current highlights page 14 3. Capital Market and Financing page 16 4. Development of Segments Sugar page 23 Special Products page 34 CropEnergies page 44 Fruit page 53 5. Financial Highlights Q2 2018/19 page 59 6. Outlook 2018/19 page 71 7. Appendix Long-term development and key figures page 77 Additional information page 84 Südzucker Group, page 43

CropEnergies segment (mn ) 2017/18 2016/17 Revenues 808 726 82 11 % EBITDA 111 135-24 -18 % EBITDA-Margin 13,7% 18,6% Depreciation -39-37 -2 5 % Operating Result 72 98-26 -27 % Operating Margin 8,9% 13,4% Restructuring and special items -1-4 3-79 % Result from companies consolidated at equity 0 0 0 - Result from operations 71 94-23 -25 % Investments 20 16 4 21 % Fixed Assets 20 16 4 21 % Financial Assets / Acquisitions 0 0 0 - Capital Employed 452 479-27 -6 % RoCE 15,9% 20,4% Δ Südzucker Group, page 44

Segment CropEnergies: Overview 4 production sites in EU; offices/distribution sites in EU, North and South America Main product categories: Bioethanol as fuel and traditional applications (1.3 mn m³ p.a.) Food and animal feed (>1 mn t p.a.) EU market leader Megatrend renewable energies EU target 2020 transport sector: 10 % from renewable energy sources Reduction of greenhouse gas emissions Higher independency from imported oil Sustainable raw materials from European agriculture and complete utilization Houston Santiago de Chile São Paulo Rotterdam Loon-Plage Wilton Wanze Amsterdam Zeitz Production facility Tank storage Distribution Südzucker Group, page 45

Segment CropEnergies: Market environment EU price level Q3 2018/19 (2017/18) Quotation: Wheat /t / Ethanol /m 3 Ethanol*: 501 (486) /m³ Grain: 200 (161) /t 700 600 NYMEX Fuel EtOH T2 FOB Rdm. 350 300 Attractive protein prices Raw material prices on high level World: grain harvest 2018/ 19 on previous year s level: 2,074 mn t (+0 %) World stocks lower at 603 mn t (-7 %) ( /m 3 ) 500 400 300 200 Euronext Paris Wheat No. 2 250 200 150 100 ( /t) EU: significant less wheat harvested (-9 %) due to regionally severe drought Nettorohertrag für Weizen EtOH However, EU grain harvest of 289 mn t (-5 %) still above consumption of 286 mn t * Ethanol T2 FOB Rdam Wanze Südzucker Group, page 46

EU bioethanol: Facts High GHG reduction EU: Net exports (+) / -imports (-) EU bioethanol is verifiable sustainable 50 Raw material base: EU cultivation only Balancing grain surplus and protein deficit 25 soybean meal soybean Less EU ethanol: Negative for climate, agriculture and protein deficit More fossil fuel in transport sector More imports of soy proteins Less local income 0-25 -50 palm oil coarse grains wheat EU bioethanol: more than climate protection Agricultural area EU Source: EU-Commission, DG Agri > 50,000 direct and indirect jobs > 8 bn investments since 2008 7% crops w/o ethanol > 2 bn p.a. agricultural raw material from rural European regions 33% 59% ethanol crops permanent grassland permanent crops 1% Südzucker Group, page 47 Sources: Eurostat (2017), epure

Market development EU ethanol market 2018 (million m 3 ) estimate Production: 5.4 +1% (+2.3 non-fuel) Consumption: 5.3-1% (+2.6 non-fuel) Outlook 2019 Increasing blending targets in many countries Increasing share of new petrol cars Increasing engine efficiency with high octane fuels E10: rising availability to meet renewable energy targets Saving at least 10 g CO2/km* New labeling at pump/tank flap; WLTP-test fuel Average GHG savings induced by ethanol from European producers 80% 70% 60% 50% 40% 6.000 4.500 3.000 50% 55% 57% 59% 64% 66% 70% 2011 2012 2013 2014 2015 2016 2017 Source: epure EU: Consumption fuel ethanol (million m³) Other EU France 1.500 UK * Well-to wheel, at 70% GHG savings, compared to E5, own calculations 0 2016 2017 2018e 2019e Germany Source: F.O. Licht Südzucker Group, page 48

EU: RED II progress towards 2030 for environment and industry RED II published on 21 December 2018 Renewable Energies in transport National implementation until mid 2021 Transport: at least 14 % renewable energy 10 % 14 % Crop-based fuels: unchanged Development of alternative fuels from waste and residues (annex IX) Multipliers (e.g. renewable electricity for cars) counterproductive Agenda for member states: more renewables on EU s roads 7.2 % 5% 2016 2020 target 2030 target single counting multiple counting GHG savings in non-ets* sectors E10 in more member states now strengthens consumer confidence Higher targets, e.g. GHG target in Germany from 6 % (2020) to 16 % (2030) 7% 10 % 30 % *) ETS: Emissions Trading System 2015 2020 target 2030 target Südzucker Group, page 49

Strategy Segment CropEnergies Further efficiency gains Strengthen leading market position Expand multi-site approach CropEnergies Full usage of production capacities Expand diversification Enforce R&D activities Südzucker Group, page 50

CropEnergies segment: Outlook 2018/19 Revenues Significantly lower sales volumes Production pause at Wilton plant Revenues expectation 690 bis 720 Mio. (prev. year: 808 mn ) Operating Result Largely depends on volatile bioethanol price development Low price level beginning of business year; significant rebound throughout year Operating result expected in range 25 to 40 mn (prev. year: 72 mn ) Südzucker Group, page 51

Agenda 1. Overview and strategy page 3 2. Current highlights page 14 3. Capital Market and Financing page 16 4. Development of Segments Sugar page 23 Special Products page 34 CropEnergies page 44 Fruit page 53 5. Financial Highlights Q2 2018/19 page 59 6. Outlook 2018/19 page 71 7. Appendix Long-term development and key figures page 77 Additional information page 84 Südzucker Group, page 52

Fruit segment (mn ) 2017/18 2016/17 Revenues 1.161 1.155 6 1 % EBITDA 114 110 4 3 % EBITDA-Margin 9,7% 9,5% Depreciation -38-38 0-2 % Operating Result 76 72 4 5 % Operating Margin 6,5% 6,2% Restructuring and special items 0 0 0 - Result from companies consolidated at equity 0 0 0 - Result from operations 76 72 4 5 % Investments 49 80-31 -38 % Fixed Assets 49 34 15 46 % Financial Assets / Acquisitions 0 46-46 -100 % Capital Employed 844 866-21 -2 % RoCE 9,0% 8,3% Δ Südzucker Group, page 53

Segment Fruit: Fruit preparations 29 production sites globally; distribution in more than 80 countries World market leader in fruit preparations (market share >30 %) Main customer groups: Dairy companies Ice cream producers Bakeries Food service industry Unique global structure for sourcing, production and distribution Production facility Südzucker Group, page 54

Segment Fruit: Fruit juice concentrates 13 production sites in Europe and one in China Main product categories: Fruit juice concentrates Beverage compounds Fruit wines Flavouring NFC-Juices European market leader for fruit juice concentrates Trend towards fruit juices and bio-products unchanged Production facility Südzucker Group, page 55

Strategy Segment Fruit Further usage of global growth trends Usage of internal/external growth options Exploitation of shared group customer base Fruit Development of innovations Market entry India / second factory China Further cost saving measures Südzucker Group, page 56

Fruit segment: Outlook 2018/19 Revenues Division fruit preparations with increase in revenues in light of higher volumes Division fruit juice with stable revenues Slight increase in revenues (prev. year: 1,161 mn ) Operating Result Division fruit preparations with significant decline due to negative foreign-exchange effects Division fruit juice concentrates with significant earnings increase Operating result expected slightly above previous year s level (prev. year: 76 mn ) Südzucker Group, page 57

Agenda 1. Overview and strategy page 3 2. Current highlights page 14 3. Capital Market and Financing page 16 4. Development of Segments Sugar page 23 Special Products page 34 CropEnergies page 44 Fruit page 53 5. Financial Highlights Q2 2018/19 page 59 6. Outlook 2018/19 page 71 7. Appendix Long-term development and key figures page 77 Additional information page 84 Südzucker Group, page 58

Group income statement 3 rd quarter 1 st -3 rd quarter (mn ) 2018/19 2017/18 +/- in % 2018/19 2017/18 +/- in % Revenues 1.717 1.809-5,1 5.192 5.302-2,1 EBITDA 85 208-59,5 345 599-42,6 EBITDA margin 4,9% 11,5% 6,6% 11,3% Depreciation -108-105 2,2-229 -215 6,1 Operating result -23 103-116 384-69,8 Operating margin -1,4% 5,7% 2,2% 7,2% Restructuring costs/special items 8-2 - 7-6 - Result from companies consolidated at equity 5-15 - 16 2 > 100 EBIT -10 86-139 380-63,5 Net earnings attributable to shareholders -31 32 - -3 161 - Earnings per share ( ) -0,15 0,16 - -0,01 0,79 - Cash flow 66 184-64,2 293 532-44,9 Investments in fixed assets* 87 95-8,3 254 250 1,4 Net financial debt 781 148 > 100 Employees 20.129 18.801 7,1 * Including intangible assets Südzucker Group, page 59

Financial Highlights 9M 2018/19 Group revenues slightly below previous year s level at 5,192 (5,302) million EBITDA decreased 43 %, respectively by 254 million, to 345 (599) million Operating result decreased 70 %, respectively by 268 million, to 116 (384) million Cash flow decreased 45 % to 293 (532) million Earnings per share decreased to -0.01 (0.79) Net financial debt increased by 633 million to 781 (148) million ; as % of equity 16 (3) % Südzucker Group, page 60

Overview segments 9M 2018/19 3 rd quarter 1 st -3 rd quarter (mn ) 2018/19 2017/18 abs. % 2018/19 2017/18 abs. % Sugar Special Prod. CropEnergies Fruit Group Revenues 671 831-160 -19,4 2.060 2.349-289 -12,3 Operating result -85 38-123 - -83 150-233 - Revenues 584 499 85 17,2 1.710 1.447 263 18,1 Operating result 42 37 5 14,9 118 116 2 1,2 Revenues 183 195-12 -5,8 532 622-90 -14,5 Operating result 5 12-7 -59,2 19 59-40 -67,8 Revenues 279 284-5 -1,9 890 884 6 0,7 Operating result 15 16-1 -2,6 62 59 3 4,9 Revenues 1.717 1.809-92 -5,1 5.192 5.302-110 -2,1 Operating result -23 103-126 - 116 384-268 -69,8 Südzucker Group, page 61

Segment Sugar: Development 9M 2018/19 3 rd quarter 1 st -3 rd quarter (mn ) 2018/19 2017/18 +/- in % 2018/19 2017/18 +/- in % Revenues 671 831-19,4 2.060 2.349-12,3 EBITDA -26 97-5 240-98,2 EBITDA margin -4,0% 11,7% 0,2% 10,2% Depreciation -59-59 -1,3-88 -90-3,2 Operating result -85 38 - -83 150 - Operating margin -12,8% 4,6% -4,0% 6,4% Revenues: Südzucker Group, page 62 Despite lower export volumes in Q3 against last year due to a reduced harvest caused by drought, overall volume was still significantly higher than last year throughout the entire reporting period but not enough to offset the sales revenue decline. Operating Result: As expected sales revenues decreased in October 2018. Drought-related weaker harvest 2018 has also weighed on results development since Q3. Therefore operating result significantly decreased on 9M basis. Whereas H1 was still balanced, a significant loss was generated in Q3.

Segment Special Products: Development 9M 2018/19 3 rd quarter 1 st -3 rd quarter (mn ) 2018/19 2017/18 +/- in % 2018/19 2017/18 +/- in % Revenues 584 499 17,2 1.710 1.447 18,1 EBITDA 70 62 13,2 202 184 9,4 EBITDA margin 12,0% 12,5% 11,8% 12,8% Depreciation -28-25 10,7-84 -68 23,5 Operating result 42 37 14,9 118 116 1,2 Operating margin 7,3% 7,4% 6,9% 8,0% Revenues: Operating result: Revenues increased sharply also in Q3. Revenue growth was driven especially by revenue contributions from frozen pizza producer Richelieu Foods, which were not yet recognized last year. Earnings slightly above last year. Q3 results more than offset H1decline. Starch division benefited especially from recently significantly higher ethanol sales revenues. Other product areas continue to report an overall positive development. Südzucker Group, page 63

Segment CropEnergies: Development 9M 2018/19 3 rd quarter 1 st -3 rd quarter (mn ) 2018/19 2017/18 +/- in % 2018/19 2017/18 +/- in % Revenues 183 195-5,8 532 622-14,5 EBITDA 15 22-32,3 48 88-45,1 EBITDA margin 8,0% 11,1% 9,1% 14,2% Depreciation -10-10 1,0-29 -29 1,4 Operating result 5 12-59,2 19 59-67,8 Operating margin 2,7% 6,2% 3,6% 9,5% Revenues: Operating result: Südzucker Group, page 64 Significantly below previous year s level. Driven especially by significantly lower ethanol sales revenues and sales volumes, particularly in comparison to comparatively high sales revenue level in H1of last year. In Q3 higher ethanol sales revenues exceeded those reported in comparable prior year s period. Due to negative revenue development significantly lower earnings. In addition to lower sales revenues, a reduction in volumes and an increase in raw material costs had a negative impact. Due to the sharp price drop for bioethanol in October 2018, CropEnergies suspended production at the plant in Wilton since end of November 2018.

Segment Fruit: Development 9M 2018/19 3 rd quarter 1 st -3 rd quarter (mn ) 2018/19 2017/18 +/- in % 2018/19 2017/18 +/- in % Revenues 279 284-1,9 890 884 0,7 EBITDA 26 27-0,4 90 87 3,0 EBITDA margin 9,4% 9,3% 10,1% 9,8% Depreciation -11-11 2,8-28 -28-1,1 Operating result 15 16-2,6 62 59 4,9 Operating margin 5,5% 5,5% 7,0% 6,7% Revenues: Operating result: Stable revenue level. Lower sales revenues were offset by higher sales volumes in fruit preparations. Due to significantly higher sales revenues, revenues were higher with fruit juice concentrates despite lower volumes. Moderately higher against previous year. In fruit juice concentrates driven by higher margins on sales revenues. In fruit preparations lower margins on sales revenues and higher costs could not be offset by higher sales volumes. Südzucker Group, page 65

Income statement (I) 3 rd quarter 1 st -3 rd quarter (mn ) 2018/19 2017/18 +/- in % 2018/19 2017/18 +/- in % Revenues 1.717 1.809-5,1 5.192 5.302-2,1 Operating result -23 103-116 384-69,8 Restructuring costs/special items 8-2 - 7-6 0,0 Result from companies consolidated at equity 5-15 - 16 2 > 100 Result from operations -10 86-139 380-63,5 Financial result -4-9 -55,6-22 -27-18,5 Earnings before income taxes -14 77-117 353-67,0 Result from companies consolidated at equity: Sugar segment 2 (-25) million mainly related to its share of ED&F Man, Studen Group and the joint-venture distributor Maxi. Special products segment 14 (27) million for its share of earnings from Hungrana Group's starch and bioethanol businesses. Financial result: Financial result -22 (-27) million ; comprises net interest result of -16 (-21) million and other financial result of -6 (-6) million impacted by negative currency result. Südzucker Group, page 66

Income statement (II) 3 rd quarter 1 st -3 rd quarter (mn ) 2018/19 2017/18 +/- in % 2018/19 2017/18 +/- in % Earnings before income taxes -14 77-117 353-67,0 Taxes on income -14-22 -38,4-81 -93-13,8 Net earnings for the year -28 55-36 260-86,0 of which attributable to Südzucker AG shareholders -31 32 - -3 161 - of which attributable to hybrid capital 3 3 3,1 10 10 1,0 of which attributable to minority interests 0 20-100,0 29 89-67,6 Earnings per share ( ) -0,15 0,16 - -0,01 0,79 - Taxes on income: Tax rate was 69 % (26 %) Minority interests: Mainly attributable to the co-owners of AGRANA Group and CropEnergies Group Earnings per share (EPS): Decreased to -0.01 (0.79 ) Südzucker Group, page 67

Cash flow statement 3 rd quarter 1 st -3 rd quarter (mn ) 2018/19 2017/18 +/- in % 2018/19 2017/18 +/- in % Cash flow 66 184-64,2 293 532-44,9 Increase (-)/ Decrease (+) in working capital 4 10-55,0 195 186 4,4 Investments in fixed assets Sugar segment -40-46 -12,2-103 -121-14,2 Special products segment -30-32 -6,2-109 -85 27,2 CropEnergies segment -4-3 26,7-9 -15-44,8 Fruit segment -13-14 -7,4-33 -29 15,2 Total investments in fixed assets * -87-95 -8,3-254 -250 1,4 Investments in financial assets/acquisitions -6 0 - -15-48 -68,7 Total investments -93-95 -2,1-269 -298-9,9 Dividends paid -6-6 3,6-156 -159-1,9 * incl. investments in intangible assets Cash flow: Cash flow at 293 (532) million and came in at 5.7 (10.0) % of revenues. Working Capital: Cash inflow of 195 (186) million from decline in working capital was due mainly to reduction of inventories from 2017 campaign. The buildup of inventories from the new 2018 campaign was offset by a concurrent increase in liabilities toward beet farmers. Investments in fixed assets: Continuation of already communicated projects Südzucker Group, page 68

Balance sheet (mn ) 30 November 2018 30 November 2017 +/- in % Assets Non-current assets 5.236 4.790 9,3 Current assets 3.716 4.527-17,9 Total assets 8.952 9.317-3,9 Liabilities and shareholders' equity Shareholders' equity 4.911 4.962-1,0 Non-current liabilities 2.314 2.147 7,8 Current liabilities 1.727 2.208-21,8 Total liabilities and shareholders' equity 8.952 9.317-3,9 Net financial debt 781 148 > 100 Equity ratio 55% 53% Net financial debt in percent of equity (gearing) 16% 3% Non-current assets: Increase of 446 million mainly due to the acquisition of frozen pizza producer Richelieu Foods. Current assets: Decrease of 811 million mainly due to repayment of 400 mn bond in March 2018 and payment of purchase price for acquisition of frozen pizza producer Richelieu Foods in December 2017. Current liabilities: Decrease of 481 million mainly due to volume driven decline in liabilities against beet farmers. Net financial debt: Increase by 633 million against previous year. Reduction by 62 mn against 28 February 2018. Investments in fixed and financial assets and earnings distribution were fully financed by cash flow and cash inflow from working capital. Südzucker Group, page 69

Agenda 1. Overview and strategy page 3 2. Current highlights page 14 3. Capital Market and Financing page 16 4. Development of Segments Sugar page 23 Special Products page 34 CropEnergies page 44 Fruit page 53 5. Financial Highlights Q2 2018/19 page 59 6. Outlook 2018/19 page 71 7. Appendix Long-term development and key figures page 77 Additional information page 84 Südzucker Group, page 70

Outlook 2018/19 (I): Revenues and Operating Result Revenues (in ) Operating Result (in ) 2017/18 2018/19e 2017/18 2018/19e Sugar 3.0 bn 139 mn -150 to -250 mn Special Products 2.0 bn 158 mn ~ prev. year CropEnergies 808 mn 690 to 720 mn 72 mn 25 to 40 mn Fruit 1.2 bn 76 mn Group 7.0 bn 6.6 to 6.9 bn 445 mn 25 to 125 mn Südzucker Group, page 71

Outlook 2018/19 (II): Other key figures 2017/18 2018/19e EBITDA 757 mn 350 to 450 mn Depreciation 313 mn > prev. year Investments Fixed Assets 361 mn ~ prev. year Net Financial Debt 843 mn > prev. year Südzucker Group, page 72

Outlook 2018/19 (III): Other key figures 2017/18 2018/19e RoCE 6.7 % < prev. year Cash flow 693 mn < prev. year Cash flow/ Revenues 9.9 % < prev. year Equity ratio 53.8 % < prev. year Südzucker Group, page 73

Outlook 2018/19 (IV)*: Diversification Diversification non sugar Sugar Group EBITDA Depreciation Operating Result ~ 185-150 - -250 ~ 145 843 ~ 465 350-450 ~ 330 ~ 280 v 2018/19e 25-125 * in mn Südzucker Group, page 74

Summary: Financial Year 2018/19e Sugar At least two difficult transition years Decrease in production costs cannot compensate historcial low price level FY 2018/19: Earnings expected -150 to -250 mn (prev. year: 139 mn ) Special Products CropEnergies Difficult market environment for sweeteners (starch) FY 2018/19: Earnings on previous year s level (prev. year: 158 mn ); ongoing high cash flow quality Despite ongoing volatile ethanol prices, still solid earnings level expected FY 2018/19: Expected earnings range 25-40 mn (prev. year: 72 mn ) Fruit FY 2018/19: Further slight earnings increase expected (prev. year: 76 mn ) Group Diversified portfolio High cash flow quality and solid financial key figures, despite temporary burden in segment sugar Foresighted financing and strong balance sheets ratios Südzucker Group, page 75

Agenda 1. Overview and strategy page 3 2. Current highlights page 14 3. Capital Market and Financing page 16 4. Development of Segments Sugar page 23 Special Products page 34 CropEnergies page 44 Fruit page 53 5. Financial Highlights Q2 2018/19 page 59 6. Outlook 2018/19 page 71 7. Appendix Long-term development and key figures page 77 Additional information page 84 Südzucker Group, page 76

Long-term development (I): Group (mn ) 2007/08 2008/09 2009/10 2010/11 2011/12 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19e Revenues 5.871 5.718 6.161 6.992 7.879 7.533 6.778 6.387 6.476 6.983 6.6-6.9 bn EBITDA 489 645 775 1.015 1.246 889 453 518 709 757 350-450 EBITDA-Margin 8,3% 11,3% 12,6% 14,5% 15,8% 11,8% 6,7% 8,1% 10,9% 10,8% Operating Result 258 403 521 751 972 622 181 241 426 445 25-125 Operating Margin 4,4% 7,0% 8,5% 10,7% 12,3% 8,3% 2,7% 3,8% 6,6% 6,4% Income from operations (EBIT) 345 392 513 759 955 955 554 277 441 467 Earnings before income taxes (EBT) 232 348 443 660 866 866 491 227 407 428 Net earnings 183 276 346 515 734 734 387 181 181 318 thereof to SZ AG shareholders 162 200 252 377 592 592 280 109 214 205 Market capitalization 2.587 3.230 3.768 4.117 6.850 4.114 2.782 3.834 4.921 3.014 Closing price on February 28/29 13,66 17,06 19,90 21,75 33,55 20,15 13,63 13,88 24,10 14,76 Earnings per share ( ) 0,86 1,06 1,33 1,99 3,08 1,37 0,10 0,53 1,05 1,00 Dividend per share ( ) 0,40 0,45 0,55 0,70 0,90 0,50 0,25 0,30 0,45 0,45 Cash flow 504 553 606 823 996 697 389 480 634 693 < prev. year Investments total 424 233 251 286 521 399 387 371 493 793 ~ prev. year Capital Employed 4.923 5.374 5.314 5.707 5.950 5.873 5.877 5.791 6.012 6.650 > prev. year RoCE 5,2% 7,5% 9,8% 13,2% 16,3% 10,6% 3,1% 4,2% 7,1% 6,7% < prev. year Total Assets 7.709 7.398 7.260 8.289 8.806 8.663 8.474 8.133 8.736 9.334 Equity 3.230 3.443 3.687 3.970 4.731 4.625 4.461 4.473 4.888 5.024 Equity Ratio 41,9% 46,5% 50,8% 47,9% 53,7% 53,4% 52,6% 55,0% 56,0% 53,8% < prev. year Net Financial Debt (NFD) 1.632 1.065 854 791 464 536 593 555 413 843 > prev. year Gearing (NFD/Equity) 50,5% 30,9% 23,2% 19,9% 9,8% 11,6% 13,3% 12,4% 8,4% 16,8% NFD/Cash flow 3,2x 1,9x 1,4x 1,0x 0,5x 0,8x 1,5x 1,2x 0,7x 1,2x > prev. year * * Investments in Fixed Assets Südzucker Group, page 77

Long-term development (II): Segments Segment Sugar (mn ) 2013/14 2014/15 2015/16 2016/17 2017/18 Revenues 3.901 3.228 2.855 2.776 3.017 EBITDA 558 133 48 201 278 EBITDA-Margin 14,3% 4,1% 1,7% 7,3% 9,2% Depreciation -121-126 -127-129 -139 Operating Result 437 7-79 72 139 Operating Margin 11,2% 0,2% -2,7% 2,6% 4,6% Restructuring and special items -113-7 4-12 24 Income from operations (EBIT) 344-5 -43 67 135 Investments 219 186 181 271 173 Fixed Assets 197 186 181 153 171 Financial Assets 22 0 0 118 2 Capital Employed 3.186 3.199 3.041 3.169 3.299 RoCE 13,7% 0,2% -2,6% 2,3% 4,2% Segment Special Products (mn ) 2013/14 2014/15 2015/16 2016/17 2017/18 Revenues 1.740 1.724 1.791 1.819 1.997 EBITDA 156 192 246 263 255 EBITDA-Margin 9,0% 11,2% 13,7% 14,4% 12,8% Depreciation -71-72 -75-79 -97 Operating Result 85 120 171 184 158 Operating Margin 4,9% 7,0% 9,5% 10,1% 7,9% Restructuring and special items 4-3 -2-4 -3 Income from operations (EBIT) 118 144 192 208 185 Investments 110 126 131 126 551 Fixed Assets 110 125 131 126 121 Financial Assets 0 1 0 0 430 Capital Employed 1.343 1.377 1.436 1.499 2.055 RoCE 6,3% 8,7% 11,9% 12,2% 7,7% Segment CropEnergies (mn ) 2013/14 2014/15 2015/16 2016/17 2017/18 Revenues 720 764 658 726 808 EBITDA 69 25 122 135 111 EBITDA-Margin 9,5% 3,3% 18,5% 18,6% 13,7% Depreciation -34-36 -35-37 -39 Operating Result 35-11 87 98 72 Operating Margin 4,9% -1,5% 13,2% 13,4% 8,9% Restructuring and special items -6-28 -18-4 -1 Income from operations (EBIT) 28-39 69 94 71 Investments 18 32 17 16 20 Fixed Assets 18 32 17 16 20 Financial Assets 0 0 0 0 0 Capital Employed 544 518 490 479 452 RoCE 6,4% -2,2% 17,7% 20,4% 15,9% Segment Fruit (mn ) 2013/14 2014/15 2015/16 2016/17 2017/18 Revenues 1.172 1.062 1.083 1.155 1.161 EBITDA 106 103 102 110 114 EBITDA-Margin 9,0% 9,8% 9,4% 9,5% 9,7% Depreciation -41-38 -40-38 -38 Operating Result 65 65 62 72 76 Operating Margin 5,5% 6,1% 5,7% 6,2% 6,5% Restructuring and special items -1-6 -3 0 0 Income from operations (EBIT) 64 59 59 72 76 Investments 52 43 42 80 49 Fixed Assets 52 43 42 34 49 Financial Assets 0 0 0 46 0 Capital Employed 801 782 823 866 844 RoCE 8,1% 8,4% 7,5% 8,3% 9,0% Südzucker Group, page 78

Maturity profile of main financial liabilities (as of 30 November 2018) 2019/20/21 Syndicated loans, 1.050 mn Drawn lines: 20 mn Dec 2022 Bullet loans, 100 mn Nov 2023 1.25 % Bond 2016/2023, 300 mn Nov 2025 1.00 % Bond 2017/2025, 500 mn Nov 2025 Perpetual Perpetual Bullet loans, 80 mn Hybrid Bond 2005/perpetual, 700 mn Issuer call right since 30 June 2015 at the earliest. Pursuant to 6 (5) and (6) of conditions of issue the exercise of the call right is subject to having issued, within the twelve months preceding the redemption becoming effective, replacement capital (parity and/or junior securities and/or shares) against issue proceeds at least equal to the amounts payable upon redemption. Commercial Paper-Program, permanent, 600 mn Drawn lines: 0 mn Südzucker Group, page 79

Hybrid bond: 2017/18 cash flow covenant* safely achieved (mn ) 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19e Revenues 5,871 5,718 6,161 6,992 7,879 7,533 6,778 6,387 6,476 6,983 6.6-6.9 bn Cash flow 504 553 606 823 996 697 389 480 634 693 < prev. year Cash flow / Revenues 8.6% 9.7% 9.8% 11.8% 12.6% 9.3% 5.7% 7.5% 9.8% 9.9% < prev. year * IFRS 11 adjusted since 2013/14 Options for hybrid bond 2005 (depending on continuous financial planning): Since 30 June 2015: quarterly variable interest payment, 3M Euribor plus 3.10 % p.a. Period from 31 December 2018 to 29 March 2019 (excl.), rate of remuneration fixed at 2.791 % p.a. Since 30 June 2015, bond can be called and redeemed on quarterly basis at nominal value (according to 6 (5) & (6) of the terms and conditions) Precondition to use issuer call right is replacement through new hybrid or equity capital within 12 months A bond repurchase also partially is possible at any time Still preferred option: No call of hybrid bond Südzucker Group, page 80

Liquidity profile end of period (mn ) Q3 2018/19 Q2 2018/19 Q1 2018/19 Q4 2017/18 Q3 2017/18 Net financial debt -781-758 -799-843 -148 Cash & Cash equivalents / securities 612 753 608 730 1.339 Gross financial debt -1.393-1.510-1.407-1.573-1.487 Long-term financial debt -1.138-1.081-1.096-1.117-1.028 Short-term financial debt -254-429 -311-456 -459 Bank credit lines 849 813 820 814 756 undrawn 300 328 430 470 498 Syndicated loan 600 600 600 600 600 undrawn 600 600 600 600 600 Syndicated loan Agrana 450 450 450 450 450 undrawn 430 405 450 450 450 Commercial paper program 600 600 600 600 600 undrawn 600 450 413 600 600 Bank credit lines (undrawn) 301 328 430 470 498 + Cash & cash equivalents / securities 612 753 608 730 1.339 + Syndicated loan (undrawn) 1.030 1.005 1.050 1.050 1.050 + Commercial paper (undrawn) 600 450 413 600 600 = Total liquidity reserves 2.543 2.536 2.501 2.850 3.487 Südzucker Group, page 81

Group balance sheet (mn ) 28.02.2018 28.02.2017 (mn ) Intangible assets 1.659 17,8% 1.240 14,2% Fixed assets 2.991 32,0% 2.922 33,5% Shares in companies consolidated at equity 370 4,0% 433 5,0% Other investments and loans 23 0,2% 24 0,3% Securities 19 0,2% 19 0,2% Receivables and other assets 12 0,1% 10 0,1% Deferred tax assets 80 0,9% 132 1,5% Non-current assets 5.153 55,2% 4.780 54,7% Inventories 2.119 22,7% 2.053 23,5% Trade receivables and other assets 1.319 14,1% 1.176 13,5% Current tax receivables 33 0,4% 21 0,2% Securities 126 1,3% 126 1,4% Cash and cash equivalents 585 6,3% 581 6,6% Current assets 4.181 44,8% 3.956 45,3% 28.02.2018 28.02.2017 Equity attributable to shareholders of SZ AG 3.456 37,0% 3.347 38,3% Hybrid capital 654 7,0% 653 7,5% Other minority interest 915 9,8% 888 10,2% Shareholder's equity 5.024 53,4% 4.888 56,0% Provisions for pensions and similar obligations 781 8,4% 823 9,4% Other provisions 91 1,0% 92 1,0% Non-current financial liabilities 1.117 12,0% 917 10,5% Other liabilities 16 0,2% 24 0,3% Tax liabilities 83 0,9% 103 1,2% Deferred tax liabilities 164 1,8% 81 0,9% Non-current liabilities 2.251 24,1% 2.040 23,4% Other provisions 250 2,7% 233 2,7% Current financial liabilities 456 4,9% 221 2,5% Trade payables and other liabilities 1.329 14,2% 1.304 14,9% Current tax liabilities 25 0,3% 49 0,6% Current liabilities 2.060 22,1% 1.807 20,7% Total assets 9.334 100,0% 8.736 100,0% Total liabilities and shareholders' equity 9.334 100,0% 8.736 100,0% Südzucker Group, page 82

Agenda 1. Overview and strategy page 3 2. Current highlights page 14 3. Capital Market and Financing page 16 4. Development of Segments Sugar page 23 Special Products page 34 CropEnergies page 44 Fruit page 53 5. Financial Highlights Q2 2018/19 page 59 6. Outlook 2018/19 page 71 7. Appendix Long-term development and key figures page 77 Additional information page 84 Südzucker Group, page 83

Revenues by region 2017/18 Germany (24 %) Rest of world (20 %) 6,983 mn EU 28 (56 %) Revenues share financial year 2017/18 by region in %: EU 28: EU-members (excl. Germany, incl. Great Britain) Rest of the world: Europe (outside EU), America, Africa, Asia, Oceania Südzucker Group, page 84

World sugar market unchanged sustainable growth* 250 15 200 10 5 150 0 100 5 50 10 0 15 Surplus/Defict (right scale) Total Production (left scale) Consumption (left scale) * Source: F.O. Licht Südzucker Group, page 85

Global sugar market: Supply and demand Canada -1.24 EU +2.23 Ukraine +0.64 USA -2.95 Mexico +1.01 Guatemala +1.78 Colombia +0.65 Venezuela -0.51 Brazil +23.28 Morocco -0.67 Algeria -1.83 Nigeria -1.67 Israel -0.62 Egypt -1.40 Sudan -1.15 Syria -0.56 Saudi Arabia -1.24 Pakistan +1.69 Bangladesh -2.25 India +0.65 Japan China -1.20-5.32 S. Korea Thailand -1.59 +9.81 Taiwan Malaysia -0.73-1.88 Indonesia -4.69 Surplus areas Chile -0.56 Swaziland +0.66 Australia +3.74 Deficit areas Source: International Sugar Organisation (ISO) Südzucker Group, page 86 Only countries with deficits/surpluses above 500k tonnes are marked (2017/18)

EU sugar balance mn t 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 Ø 8 years 17/18e 18/19e Production EU 18.2 16.2 19.4 18.1 17.6 20.3 15.7 17.6 17.9 21.7 19.8 from beet 17.5 15.4 18.7 17.4 16.8 19.5 14.9 16.8 17.1 21.1 19.2 from maize 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.7 0.6 0.6 Import 2.5 3.6 3.5 3.7 3.2 2.8 2.9 2.5 3.1 1.3 1.3 Import white sugar EU refining of imported raw sugar 0.6 1.1 0.8 1.0 0.8 0.7 0.7 0.8 0.8 n.a. n.a. 1.9 2.5 2.7 2.7 2.4 2.1 2.2 1.7 2.3 n.a. n.a. Export 2.2 0.8 2.1 1.4 1.4 1.5 1.4 1.4 1.5 3.4 2.7 Consumption 18.9 19.4 19.6 19.6 20.0 20.2 19.3 18.5 19.4 19.2 19.2 Ending stock 1.6 1.2 2.4 3.2 2.6 4.0 1.9 2.2 2.4 2.7 1.9 Südzucker Group, page 87 Source: EU-Commission

Ranking global sugar market (I) Top-producer 2018/19e in mn t 2018/19e in % 10 years in mn t Top-consumer 2018/19e in mn t 2018/19e in % 10 years in mn t India 37.5 19.5 28.2 India 27.7 14.9 25.8 Brazil 32.0 16.6 37.8 EU 18.5 10.0 18.9 EU 19.0 9.9 17.9 China 17.2 9.2 16.2 Thailand 14.5 7.5 11.1 Brazil 12.2 6.5 12.2 China 11.7 6.1 11.8 USA 11.3 6.0 10.8 USA 8.5 4.4 7.9 Indonesia 7.7 4.2 6.6 Pakistan 6.6 3.5 5.7 Russia 6.4 3.4 6.1 Russia 6.3 3.3 5.3 Pakistan 6.3 3.4 5.2 Mexico 6.2 3.2 6.0 Mexico 5.0 2.7 4.7 Australia 5.0 2.6 4.5 Egypt 4.0 2.1 3.5 Others 45.7 23.4 42.1 Others 69.9 37.6 65.0 Total 192.1 100 178.3 Total 186.1 100 175.0 Südzucker Group, page 88 Source: F.O. Licht

Ranking global sugar market (II) Top-net-exporter 2018/19e in mn t 2018/19e in % 10 years in mn t Top-net-importer 2018/19e in mn t 2018/19e in % 10 years in mn t Brazil 18.6 35.4 25.6 China 5.4 10.3 4.1 Thailand 11.5 21.8 7.6 Indonesia 5.0 9.6 4.0 Australia 3.7 7.0 3.3 USA 2.5 4.8 2.9 India 3.0 5.7 0.9 Bangladesh 2.4 4.6 2.0 Guatemala 2.0 3.8 1.9 Algeria 1.8 3.5 1.4 Mexico 1.2 2.2 1.2 Malaysia 1.8 3.4 1.7 EU 1.1 2.1-1.2 Nigeria 1.7 3.2 1.5 Cuba 0.9 1.6 0.8 Korea, South 1.5 2.9 1.1 Swaziland 0.7 1.3 0.6 Saudi Arabia 1.4 2.6 1.2 Colombia 0.7 1.2 0.6 Egypt 1.3 2.6 1.3 Others 9.2 17.9 - Others 27.3 52.5 - Total 52.6 100 - Total 52.1 100 - Duty free access into EU Südzucker Group, page 89 Source: F.O. Licht

Segment Sugar: Campaign 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19e Beet growers 47,600 46,000 44,600 43,000 42,600 42,100 41,300 40,300 39,000 37,900 37,068 Beet acreage 370,000 401,000 388,000 412,000 422,000 396,000 405,000 350,000 385,000 445,000 434,714 Sugar factories (incl. refineries) 33 32 32 32 32 32 32 31 31** 31** 31** Beet processing* Campaign duration Sugar production* thereof from beets* thereof raw sugar raffination* 25.0 28.4 26.1 31.3 28.7 27.2 34.0 23.7 28.6 36.0 29.6 96 116 103 123 112 102 127 89 107 133 113 4.2 4.8 4.2 5.4 4.9 4.7 5.3 4.1 4.7 5.9 4.8 3.9 4.4 3.9 4.9 4.5 4.3 5.0 3.8 4.4 5.7 4.7 0.3 0.4 0.3 0.5 0.4 0.5 0.3 0.4 0.2 0.2 0.1 *in mn t **incl. 2 refineries Südzucker Group, page 90

Price development for raw and white sugar (ICE US, LIFFE) 700 700 600 600 500 400 300 500 400 300 200 100 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Quotation for sugar in / ton 200 100 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Quotation for sugar in / ton Feb-17 Feb-18 White sugar contract No. 5 LIFFE London (Future contract switching upon expiry) Raw sugar contract No. 11 ICE US (Future contract switching upon expiry) Südzucker Group, page 91

Price development wheat and maize (Euronext) 300 300 280 280 260 260 240 240 220 220 200 200 180 160 140 120 100 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 / ton 180 160 140 120 100 Feb-11 Feb-12 Feb-13 Feb-14 / ton Feb-15 Feb-16 Feb-17 Feb-18 Wheat price (Future contract switching upon expiry) Price for maize (Future contract switching upon expiry) Südzucker Group, page 92

Disclaimer This presentation contains forward looking statements. The statements are based on current assumptions and estimates made by the executive board and information currently available to its members. The forward looking statements are not to be viewed as guarantees of the future developments and results presented therein. Future developments and results are in fact dependent on a variety of factors and are subject to various risks and imponderables. They are based on assumptions that could in fact prove to be invalid. The risk management report in the 2017/18 annual report on pages 83 to 94 presents an overview of the risks. We assume no obligation to update the forward-looking statements made in this presentation. This presentation includes percentage and number rounding. Typing and printing errors reserved. IFRS 11 application as of financial year 2013/14. Written and visual value statements are standardized as follows: ±1% stable / ±1-4% slight / ± 4-10% moderate / >/< 10% significant Südzucker Group, page 93

Investor Relations Financial calender 10 January 2019 Q3 Quarterly Statement 2018/19 24 April 2019 Preliminary figures financial year 2018/19 16 May 2019 Press and analysts conference fiscal 2018/19 11 July 2019 Q1 Quarterly Statement 2019/20 18 July 2019 Annual general meeting for fiscal 2018/19 10 October 2019 Q2 Half-year financial report 2019/20 14 January 2020 Q3 Quarterly Statement 2019/20 Contact Nikolai Baltruschat Head of Investor Relations Tel.: +49 (621) 421 843 nikolai.baltruschat@suedzucker.de Bernhard Juretzek Manager Investor Relations Tel.: +49 (621) 421 530 bernhard.juretzek@suedzucker.de Sandra Kochner Assistant Tel.: +49 (621) 421 240 sandra.kochner@suedzucker.de Südzucker AG Maximilianstrasse 10 68165 Mannheim, Germany investor.relations@suedzucker.de Südzucker Group, page 94